Nutreco profile presentation July 2014

July 2014

Agenda

2

Nutreco at a glance

Our challenge

Our mission, vision and values

Our innovation power

Our strategy

Our performance

1

3

2

6

5

4

1. Nutreco at a glance

3

Our workforce

4

Number of employees in FTE at year end

Employees in growth geographies

Employees in R&D and innovation of which 22% PhDs

26.0% Part-time employees

Temporary contracts

Employees per segment

Women working at Nutreco 2013

2,589

2012

9,717 2013

10,231

2013 7.3% 2012 7.6%

2013 12.6% 2012 12.6%

3,876

3,357

2013

400

3,553

Segment revenue by region 2013 (€ x million)

5

644

144

North America

Western Europe

Latin America

Middle East & Africa

Norway

Central & Eastern Europe

Asia-Pacific

11

792

550

233

229

87

135

242

78

74

154

450

Fish Feed

1,414

Spain & Portugal

Compound Feed & Meat Iberia

Nutreco’s three segments

6

Revenue 2013: € 5.2 billion EBITA* 2013: € 256 million

* Before exceptional items from continuing operations and excluding corporate costs

Fish Feed

€ 1.8 billion € 112 million

€ 131 million € 2.0 billion

Over 100 produc-

tion plants in 30 countries

10 R&D units in 7 countries

Multinational

workforce of

approximately 10,000 employees

Animal Nutrition

Compound Feed & Meat Iberia

€ 1.4 billion € 41 million

7

20% 80%

Animal Nutrition

EBITA from growth geographies

Other

Fish Feed volumes

Salmon

Non-salmonid

62% 38%

Fish Feed Global salmon feed market share

33%

Animal Nutrition Global No. 2 position in premix

12%

Where we come from

8

Start 1994 2004 1975 1997 2011

Family businesses

Since 1899

Since 1931

Since 1968

Formation

Private equity Since 1954

Since 1937

Rebalancing for growth

Part of BP Nutrition

Closer to the consumer Initial public offering

Driving sustainable growth

Animal Nutrition

9

Market Presence Customers Suppliers

• Premixes, compound feed, farm minerals, young animal feeds, preventive animal health products and feed additives

• Trouw is #2 global premix producer with an estimated market share of 12%

• ShurGain/Landmark are #1 in Canada with 23% market share

• 15 production facilities in Europe, 31 plants in the Americas and 3 plants in Asia

• JVs in Venezuela and Ukraine

• Feed compounders, integrators, distributors, farmers, companion animal industry and home mixers

• Producers of grains, vegetable proteins, land animal products, amino acids, trace elements & minerals, vitamins, dairy products, preventive animal health products and organic acids

Fish Feed

10

Market Presence Customers Suppliers

• High-quality feeds from hatching to harvest for more than 60 species of farmed fish and shrimp

• Skretting is a leading global salmon feed producer with an estimated market share of 33%

• Global #3 shrimp feed producer with an estimated market share of 6%

• Skretting has production facilities in 17 countries for sales in over 40 countries

• JVs in Honduras and Nigeria

• Fish and shrimp farmers

• Producers of marine products, vegetable proteins, vegetable oils among others

Compound Feed & Meat Iberia

11

Market Presence Customers Suppliers

• Poultry products, pig farming and trading and feed solutions primarily for poultry, pigs and ruminants in Spain and Portugal

• Nanta is the leading feed producer in Iberia with an estimated market share of 13%

• Sada is the largest poultry producer in Spain, estimated market share 27%

• Nanta has a nationwide presence in Spain and Portugal with 20 compound feed plants

• Sada has a nation-wide presence in Spain with 10 poultry processing facilities

• Nanta services livestock farmers including Sada and Inga Food

• Retail, wholesale, food industry and food service (Sada); pig meat processors (Inga Food)

• Nanta sources from producers of grains, vegetable proteins, land animals products, vegetable oils

• Sada and Inga Food source from Nanta and others

Executive Committee

12

Executive Board

Chief Executive

Officer

Knut Nesse

Chief Financial Officer

Gosse Boon

Regional scope

Americas

Hugues LeRuz

Asia

T.B.A.

EMEA

Harm de Wildt

Global scope

Feed Additives

Martijn Adorf

Global Salmon & Fish Feed Southern Europe

Steven Rafferty

Global leverage

Chief Innovation

Officer

Viggo Halseth

Chief HR & Corp. Dev.

Officer

Nalin Miglani

Fish Feed Animal Nutrition

Compound Feed & Meat Iberia

Javier Rodriguez Ceballos

2. Our challenge

13

Our challenge

14

Doubling food production

Halving the pressure on the planet

Feeding 9 billion people

in 2050

Surging demand

15

Growing middle class

3 billion more by 2030

Urbanisation 50% to 70% by 2050

Converging diets

Globally 37 to 50 kg meat, 83 to 99 kg dairy by 2050

Growing population

7 to 9 billion by 2050

Struggling supplies

16

Adverse weather

Biofuel production

Low stocks Price speculations

17

The essential link

Animal nutrition &

fish feed producers

Struggling supplies

Raw material

markets

Struggling demand

Farmers

3. Our mission, vision and values

18

19

Our vision

20

In a world with limited natural resources and a growing population, there is a rising demand for high quality meat, fish and shrimp. We will be the global leader in providing innovative and sustainable nutritional solutions that best support the performance of animals, fish and shrimp.

21

Our values

Innovative

4. Our innovation power

22

Research is key

23

>250 Research experts

Over 25

nationalities

Annual investment in R&D €25

million

>60 Collaborations with

research institutions

worldwide

11 Research units worldwide

50 years of dedicated R&D

knowledge and experience

More than

Less need for fishmeal

24

25

Healthy start, better growth

26

27

Key focus areas for innovation – Animal Nutrition

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• Young animal feed

• Young animal vitality and later life performance

• Supporting intestinal health

• Nutritional solutions for transition periods

• Feed additives for production efficiency

• Reducing emissions

• Precision feeding

• Services & models for quantitative nutrition

• Optimised feed value and predictable performance

Life start Health & welfare

Feed efficiency

Application solutions

The innovation cycle

29

Animal Nutrition research centres

30

Expertise Certifications Qualified experts

More than 100 qualified experts working in 6 research centres in 3 countries

• Ruminant RC (NL)

• Swine RC (NL)

• Ingredient RC (NL)

• Agresearch (CA)

• Poultry RC (ES)

• Food RC (ES)

• ISO 9001

• GMP+

• HACCP

• Animal nutrition

• Veterinarian

• Immunology

• Molecular biology

• Biochemistry

• Feed technology

• Food technology

• Food microbiology

Skretting ARC – world class fish feed R&D

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• 20 nationalities

• >40 with university degree • Specialists in fish nutrition,

health and feed technology • Collaborations with over

40 research institutions

worldwide

Important innovations

Optiline Premium

Nationalities Specialists Collaborations

5. Our strategy

32

Our strategy

33

Higher

value-added

portfolio of

nutritional solutions

Premix, feed

specialties and fish feed

Growth

geographies

Latin America,

Russia, Asia and Africa

Sustainability

throughout

the feed-to- food chain

Global portfolio of branded specialty products

Clear product group portfolio with strong brands

34

Feed additives

Preventive

animal health products

Young animal feeds

Fish Feed: ‘Driving sustainable growth’

35

Volume growth

R&D

Non-salmonid

Maintain leadership

EBITA margin

5% volume growth

Roll-out MicroBalance

and Protec to other species

Grow non-salmonid feed

volume share to 50%

Grow salmonid feed volume in

line with the market (5% CAGR)

EBITA operating margin 6-7%

Animal Nutrition: ‘Driving sustainable growth’

36

Focus

Solid positions

ASCs

Go-to-market

Revenue

Higher value-added portfolio

of nutritional solutions

Growth geographies,

secure mature markets

Link between R&D and

customer needs

Improve the commercialisation

of our value proposition

35% of EBITA from

growth geographies

EBITA margin EBITA operating margin 6-7%

37

Models Products

Services

Nutreco’s Animal Nutrition value proposition

• Swine

• Poultry

• Ruminant

• Quality assurance

• Ingredient optimisation

• Premix

• Feed specialties

• Feed additives

• Preventive animal health products

• Young animal feeds

Sustainability progress made in 2013

38

Top 300 suppliers

• Sustainable vendor policy signed off by top 300 suppliers (76% of annual ingredients spend)

AgriVision

• >350 delegates attended AgriVision 2013

• Prof. Michael Porter reinforced shared value concept

Total vendor policies

• 550 suppliers signed vendor policies

• 59 specific vendors supplying soy, palm and marine ingredients

KPIs in planning & control cycle

• Integration of sustainability

reporting, including KPIs, in regular planning & control cycle

NutrECO-line

• Assessment of sustainable nutritional solutions programme’s methodology and process externally verified

African Agribusiness Academy

• Assisted in the

establishment of the African Agribusiness Academy

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6. Our performance

40

Key figures

41

5,237 Revenue

(€ million) 2.18

Basic earnings per share

(€)

256 Operating result

before exceptional items and

amortisation (EBITA, € million)

1.00 Dividend per

ordinary share

(€)

151 Results after

tax

(€ million) 10,231

Number of employees FTE

(at year end)

Solid financial results in challenging markets – highlights

42

Revenue €5,237.2 million

• Revenues increased by 0.2%

• Volumes declined by 2.4%

Acquisitions

• Fish Feed acquisitions in Egypt and Ecuador were completed

• Animal Nutrition joint venture in Ukraine established

Full year EBITA € 256.3 million

• Animal Nutrition EBITA margin 6.2%

• Fish Feed EBITA margin 6.4%

• Compound Feed & Meat Iberia EBITA margin 2.9%

Basic earnings per share continuing operations €2.18

• Decreased by 14.2%

Focus on growth

• Company focused on premix, feed specialties and fish feed

• Acquisitions in Ecuador and Egypt

• Nutreco global top 3 shrimp feed

Dividend proposal €1.00

• Final dividend €0.70

• Payout ratio 45%

Nutreco

43

€ million 2013 2012 Delta %

Revenue 5,237.2 5,229.1 +0.2

EBITDA 303.1 307.7 -1.5

EBITA 256.3 262.1 -2.2

EBITA/Revenue 4.9% 5.0%

Avg. capital employed 1,277.1 1,161.0 +10.0

ROACE (EBITA/ACE) 20.1% 22.6%

Volume effect

Price effect

Acquisitions

FX effect

-2.4%

+3.9%

+1.7%

-3.1%

Operational highlights

• EBITA decrease due to €11.4 million lower result in Fish Feed

• Total EBITA €256 million in line with Q3 outlook

Animal Nutrition

44

€ million 2013 2012 Delta %

Revenue 1,800.5 1,881.8 -4.3

EBITDA 125.1 123.7 +1.1

EBITA 111.6 112.4 -0.7

EBITA/Revenue 6.2% 6.0%

Avg. capital employed 643.2 621.2 +3.5

ROACE (EBITA/ACE) 17.4% 18.1%

Volume effect

Price effect

Acquisitions

FX effect

-0.8%

-0.1%

+0.1%

-3.6%

Operational highlights

• EBITA in line with last year with higher results in Europe and China offset by lower results in certain markets such as Canada

• Operating margin increase due to better product mix

Fish Feed

45

€ million 2013 2012 Delta %

Revenue 2,022.3 1,893.1 +6.8

EBITDA 154.5 164.4 -6.0

EBITA 130.6 142.0 -8.1

EBITA/Revenue 6.5% 7.5%

Avg. capital employed 495.7 410.6 +20.7

ROACE (EBITA/ACE) 26.3% 34.6%

Volume effect

Price effect

Acquisitions

FX effect

-1.4%

+8.4%

+4.6%

-4.8%

Operational highlights

• EBITA decline of 8% mostly due to market competition in Norway, lower results in China and an adverse FX impact

• Volume share of fish feed for non-salmonid species increased to 38% compared with 34% in 2012

Compound Feed & Meat Iberia

46

€ million 2013 2012 Delta %

Revenue 1,414.4 1,454.2 -2.7

EBITDA 52.4 54.2 -3.3

EBITA 40.6 36.7 +11.1

EBITA/Revenue 2.9% 2.5%

Avg. capital employed 147.2 137.6 +7.0

ROACE (EBITA/ACE) 27.7% 26.7%

Volume effect

Price effect

Acquisitions

FX effect

-5.8%

+3.0%

0%

0%

Operational highlights

• In a challenging market, our Compound Feed business has continued its focus on operational excellence and efficiency

• Our Meat business faced higher raw material costs in 1H which came down in 2H. Adjustments to cost structures and active account management resulted in a good result

Thank you

47